Citizens Jmp Reaffirms “Market Outperform” Rating for Spruce Biosciences (NASDAQ:SPRB)

Spruce Biosciences (NASDAQ:SPRB)‘s stock had its “market outperform” rating reissued by Citizens Jmp in a research report issued on Thursday, Benzinga reports. They currently have a $144.00 price objective on the stock. Citizens Jmp’s price objective indicates a potential upside of 195.57% from the stock’s current price.

SPRB has been the subject of several other reports. B. Riley Financial began coverage on Spruce Biosciences in a report on Monday, July 13th. They set a “buy” rating and a $160.00 target price for the company. JonesTrading began coverage on Spruce Biosciences in a research note on Tuesday, June 9th. They issued a “buy” rating and a $135.00 price objective for the company. Citigroup reissued a “market outperform” rating on shares of Spruce Biosciences in a research note on Friday, September 18th. Guggenheim reissued a “buy” rating and issued a $104.00 price objective (down from $123.00) on shares of Spruce Biosciences in a research note on Monday, August 17th. Finally, The Goldman Sachs Group raised Spruce Biosciences to an “overweight” rating in a research note on Thursday, August 13th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Spruce Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $158.33.

Spruce Biosciences Stock Performance

Shares of NASDAQ:SPRB traded down $0.30 on Thursday, hitting $48.72. The company’s stock had a trading volume of 37,189 shares, compared to its average volume of 64,527. The stock’s 50-day moving average is $51.30 and its two-hundred day moving average is $54.54. Spruce Biosciences has a 12 month low of $7.26 and a 12 month high of $240.00. The company has a market capitalization of $139.83 million, a price-to-earnings ratio of -1.22 and a beta of 3.31. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.23 and a current ratio of 9.23.

Spruce Biosciences (NASDAQ:SPRB) last announced its earnings results on Wednesday, August 12th. The company reported ($6.68) earnings per share for the quarter, missing the consensus estimate of ($5.79) by ($0.89). On average, equities research analysts forecast that Spruce Biosciences will post -25.53 EPS for the current year.

Institutional Trading of Spruce Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. SkyView Investment Advisors LLC acquired a new stake in Spruce Biosciences in the 2nd quarter valued at $162,000. Pale Fire Capital SE acquired a new stake in Spruce Biosciences in the 2nd quarter valued at $206,000. Bank of New York Mellon Corp acquired a new stake in Spruce Biosciences in the 2nd quarter valued at $366,000. Stempoint Capital LP acquired a new stake in Spruce Biosciences in the 1st quarter valued at $416,000. Finally, ADAR1 Capital Management LLC boosted its stake in Spruce Biosciences by 1.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 58,600 shares of the company’s stock valued at $3,830,000 after buying an additional 600 shares in the last quarter. 91.71% of the stock is currently owned by institutional investors.

About Spruce Biosciences

Spruce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for endocrine disorders. The company’s research has centered on therapies intended to address conditions involving hormone dysregulation and adrenal function.

Its lead investigational product is tildacerfont, an oral, selective corticotropin-releasing factor type 1 (CRF1) receptor antagonist. The therapy is designed to reduce excessive adrenocorticotropic hormone (ACTH) signaling and adrenal androgen production, with development focused primarily on congenital adrenal hyperplasia (CAH), a rare inherited disorder affecting cortisol production.